Commissioner Orders Workers’ Comp Insurers to Report Federal Income Tax Savings
Insurance Commissioner Dave Jones recently issued an order requiring that every insurer licensed to write workers’ compensation insurance in the State of California must report their federal income tax savings annually through a rate filing in light of the new tax law.
The recent revision to the Federal Tax Schedule for 2018 reduced the corporate tax rate from 35 percent to 21 percent. This means that nationally, insurers will now be able to retain even more of policyholder premiums as profit.
“Any savings to insurers should be passed along to California businesses,” said Commissioner Jones. “This order will allow my department to examine workers’ compensation insurers’ savings and rates and provide transparency to the public. I urge insurers to pass these savings along to policyholders.”
Jones’ order will require each insurer to submit a rate filing to report the dollar amount of their tax savings by December 31, 2018, and on a yearly basis through December 31, 2020.
Insurers will need to provide details about how those savings impact their rates. The insurer must also provide a detailed explanation if they have determined that there is no rate impact, stating why the reduction in the federal corporate tax rate does not affect their rates.
The Hugh Groman Group
The Hugh Groman Group (HGG) provides catering and event planning services throughout the San Francisco Bay Area, and is comprised of three companies: Hugh Groman Catering, Greenleaf Platters and Phil’s Sliders. Providing food and service of the highest quality, the HGG has been a Certified Green Business for 10 years.
We interviewed Hugh Groman, founder of the HGG. He is an experienced entrepreneur and a proud member of the Golden Gate Business Association (GGBA). We encourage you to read the interview with him here and to watch videos showcasing some of his amazing culinary skills. They can be found at YouTube (https://www.youtube.com/channel/UCxPNWplFdwzW7k3UbW3kIwA), our website (https://ggba.com/) and at our Facebook page (https://www.facebook.com/GoldenGateBusinessAssociation/).
GGBA: Why did you decide to create your business?
Hugh Groman: I created my business because I love hospitality, food and creativity. Having a catering and event planning business allows me the opportunity to work with wonderful people, as well as the chance to be creative on a daily basis.
GGBA: Do you have any specific policies in place that benefit the LGBT Community?
Hugh Groman: We donate or provide discounted catering to a number of LGBT non-profits and organizations.
GGBA: Do you have any specific policies in place regarding workplace equality?
Hugh Groman: We don’t have explicit policies, because we haven’t felt the need to have an explicit policy. We have people of all ages, races, sexualities and genders working for us.
GGBA: Why did you decide to join the GGBA?
Hugh Groman: I joined the GGBA to have the opportunity to network with a new group of wonderful business people who all have something in common.
GGBA: How has the GGBA helped your business so far?
Hugh Groman: On a practical level, I’ve already been referred business by members of the group. But my participation has also reinforced what I already knew, which is that building business relationships and friendships takes time and effort. They are extremely rewarding and “worth it.”
GGBA: What has been your biggest reward/satisfaction during your journey as an entrepreneur, and your biggest disappointment/nerve-wracking situation?
Hugh Groman: I’m grateful for my whole 20 plus year journey as an entrepreneur. I’ve had the freedom to create and recreate my job many times over. I’ve learned many huge personal and spiritual lessons along the way. I consider the whole process of owning and running a business an opportunity for personal growth. My biggest challenge has been owning and running and selling restaurants (twice!) in both Brooklyn and Berkeley.
GGBA: What’s the most important lesson you learned being an entrepreneur?
Hugh Groman: It’s hard to choose just one lesson as being the most important. Long ago, I learned that the people in my life don’t love me because of what I can do or what I have achieved. Most recently, I learned that I can’t take responsibility, nor should I, for fixing every problem my team might bring to my attention. There have been many lessons in between.
GGBA: What advice would you give to someone who is thinking about starting their own business?
Hugh Groman: I have lots of advice. One lesson I took a long time to learn is that it’s OK not to be good at everything. Eventually though, you want to hire people who compliment your skill set, and work hard to empower them to bring their gifts to the table. It may feel threatening, because they will see things a different way than you do.
To learn more, go to: http://thehughgromangroup.com/
Register for all of the events listed here at https://ggba.com/
July Make Contact
Tuesday, July 10
6pm–8pm
Wall Beds & More
550 15th Street, Floor 2, San Francisco
Stand Up & Speak OUT!
Bi-Weekly Workshop to be a more effective Speaker and Communicator
Featuring National Award-Winning Speaker, Gina Grahame
Wednesday, July 18
3pm–5pm
Offices of the U.S. Small Business Administration
455 Market Street, 6th Floor, San Francisco
EDGE Master Class for High-Performing LGBT Businesses
LEAN for Small Business Enterprises
Thursday, July 26
1:30pm – Registration
2pm–5pm – Workshop
5pm–6pm – Networking Reception
Hosted at ZillowGroup
535 Mission Street, Suite 700, San Francisco
Stand Up & Speak OUT!
Bi-Weekly Workshop on how to be a more effective Speaker and Communicator Featuring National Award-Winning Speaker, Gina Grahame
Wednesday, August 1
3pm–5pm
Offices of the U.S. Small Business Administration
455 Market Street, 6th Floor, San Francisco
August Make Contact
Tuesday, August 14
6pm–8pm
Art Attack SF
2358 Market Street, Suite 1, San Francisco
EDGE Master Class for High-Performing LGBT Businesses
Goal Setting for Increased Business Performance and Long-term Professional Growth
Tuesday, September 18
1:30pm – Registration
2pm–5pm – Workshop
5pm–6pm – Networking Reception
Hosted at ZillowGroup
535 Mission Street, Suite 700, San Francisco
Recent Comments